ABSTRACT Demographic transition has been shaping the age structure of emerging countries, leading to huge swings between the working-age and the dependent population. In this paper, we focus on the impact of demography on inflation in emerging market economies by analyzing the inflationary impact of different age cohorts. Our empirical findings suggest that while the dependent population (net dis-savers) is associated with inflationary pressures, the working-age population (savers) is associated with deflationary pressures. The findings also suggest that demographic transition has contributed to disinflation in these countries over the last two decades.

中文翻译：

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新兴经济体的人口转型和通货膨胀

摘要 人口转型一直在塑造新兴国家的年龄结构，导致劳动年龄人口和受抚养人口之间出现巨大波动。在本文中，我们通过分析不同年龄段人群的通胀影响，重点关注人口结构对新兴市场经济体通胀的影响。我们的实证结果表明，虽然受抚养人口（净储蓄者）与通货膨胀压力相关，但劳动年龄人口（储蓄者）与通货紧缩压力相关。调查结果还表明，在过去的二十年里，人口转变导致了这些国家的通货紧缩。